Salesforce.com CEO Marc "Benioff blew the quarter away," TheStreet's Jim Cramer says in the above video.
NEW YORK (TheStreet) -- Salesforce.com (CRM) - Get Report stock is rising 8.14% to $67.61 in early afternoon trading on Thursday after the cloud solutions provider reported solid figures for the fiscal 2016 fourth quarter.
"It was just a flat-out amazing quarter," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning, adding that the quarterly report was the best in the technology industry so far this year.
After yesterday's market close, the San Francisco-based company reported earnings of 19 cents per share, in-line with estimates, and revenue of $1.81 billion that exceeded estimates of $1.79 billion for the quarter ended January 31.
"It was a very strong quarter and it comes on the heels of people giving up" on growth in cloud, social and other technologies, Cramer added, referring to the sell-off in the sector triggered by weak guidance from LinkedIn Corp. (LNKD) and Tableau Software (DATA) earlier this month.
Cramer explained that if investors and analysts believed cloud growth was decelerating, Salesforce.com proves them wrong.
"Operating cash flow is real," Cramer observed, pointing out that Salesforce.com's operating cash flow was up 38% year-over-year to $459 million for the quarter.
"The main takeaway is taking business away from Oracle (ORCL) and from SAP (SAP)," Cramer commented. (See video, above.)
Separately, Salesforce.com has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as robust revenue growth, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures.
You can view the full analysis from the report here: CRM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.